The Commodity Futures Trading Commission on Monday finalized joint data standards under the Financial Data Transparency Act of 2022, setting common technical requirements for data submitted to federal financial regulators.
The standards establish common identifiers for entities, geographic locations, dates, certain products, and currencies. They also include a principles-based standard for data transmission and schema and taxonomy formats, which the CFTC said would allow financial institutions to submit machine-readable data to agencies.
Eight other agencies have established or are expected to act on the same standards, including the Board of Governors of the Federal Reserve System, the Securities and Exchange Commission, the Consumer Financial Protection Bureau, and the Federal Deposit Insurance Corporation.
“These inconsistencies increase costs on firms without a commensurate benefit to regulators’ use of the collected data,” CFTC Chairman Selig said. “This final rule is an important step towards reducing these unnecessary burdens.”
The FDTA was enacted in December 2022 and required a joint rule by December 2024. A GAO report published in May said the final rule had not yet been published as of May 1, 2026. Each covered agency must now issue its own regulations to implement the joint standards.
